U.S. trade deficit soars in August to highest in 14 yearsChristian Fernsby ▼ | October 7, 2020
The US saw its trade deficit increase 5.9% to $67.1 billion in August to reach its highest level since August 2006, according to the Commerce Department on Tuesday.
Deficit soars Commerce Department
While exports of goods and services were worth $171.9 billion $3.6 billion more than July exports imports rose faster to $239 billion, $7.4 billion more than in July.
On a positive note, the deficit with China decreased $1.9 billion to $26.4 billion with exports increasing $1.7 billion to $11.2 billion and imports decreasing $0.2 billion to $37.7 billion month over month.
The US, however, saw its trade deficit with Germany and Japan increase $1.6 billion and $1 billion, respectively, from the previous month. ■